Quote:
Originally Posted by Ohio
You were manipulated in a Christian meeting into "investing" in a ministry. You were "guilt-tripped" in a Christian meeting into "forgiving" their debt. You were robbed of what was to you a lot of money. You were deceived by Christian leaders who betrayed your trust. You lost out, but the Lee family lost nothing.
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To my knowledge there we 2 ways to put money into the Daystar dream:
1. investment i.e. at risk equity
2. loan with interest and terms for it to be paid back by Daystar
Once bankrupt Daystar really didn't have to pay anything back except to creditors in the order of how they were set up as lien holders until nothing was left after the liquidation i.e. those who lent money could get it back if there was anything to give back. Those with equity positions got nada.
My guess is the accounting was a mess anyways and since most of the operation was in Taiwan how the company was formally wound down is probably a mystery to all but a few.
Quote:
Originally Posted by Ohio
In the aftermath of Daystar, Lee and his new agency -- the Living Stream Ministry -- became awash in cash. They built that new place on Ball Road. Lee got a new crib down the street right next to Philip with 10 foot high walls around it. At the time Anaheim was the nicest, newest, shiniest city I had ever seen. Lee and company had a fresh start, unencumbered by all their debts to God's people.
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Actually it finally dawned on Witness Lee that religion was big business and instead of these other risky ventures he could turn his ministry into a very viable enterprise. Stream Publishers became LSM and the marketing began in earnest. Standing orders were established. Fees for live trainings were implemented and fees to attend local trainings to watch videos. Plus the trainings became a platform for infomercials to sell LSM products to a ready and willing audience. The same messages packaged several different ways were pitched at these events and people would stampede and line up in the back to buy, buy, buy.
Once the money started flowing into the LSM coffers Lee had documents drawn up and sent to all those who lent money to Daystar. They could either agree or not agree to forgive their loans.